Cohousing-L Mailing List: Letter to Chuck Durrett re: developer-driven cohousing as an option

[Katie Henry (katie-henry]

Hi Steve,

Building on what Sharon said earlier ... 

The two developer-driven DC-area cohousing projects -- Takoma Village and 
Eastern Village -- were both built by a developer who had the cash, access to 
financing, and local track record needed to acquire the properties and get a 
construction loan with minimal contributions from the future members. As I 
recall, at Eastern Village we each paid $1,000 to join plus some trivial amount 
to cover meeting space and training activities. Contrast that with a 
self-developed project where the future residents have to come up with 20% to 
get construction financing. 

If we hadn't been able to put together enough of a group very quickly (a few 
months), the project would have converted to regular condos. If we had needed 
20% down from members, it would never have happened. Plus our developer was a 
burning soul himself in many ways, willing to accommodate the overhead of 
community participation. Also, he had his own architecture firm. It was a rare 
set of circumstances. We were lucky. Our cohousing consultants don't have the 
deep pockets and regional relationships needed to replicate this model. 

Maybe this article will come to the attention of benevolent billionaires who 
would be willing to finance cohousing. Seems to me that the 20% down payment is 
one of the biggest hurdles in building new communities.

Katie HenryHeartwood Commons - TulsaAbout to put the roofs 
on!https://www.heartwoodcommonstulsa.com/